South Korea to Amend Forex Law to Regulate Stablecoins as Payment Instruments

South Korea's decision to fold stablecoins into its foreign exchange law, rather than treat them purely as crypto assets, signals that regulators view them primarily as cross-border payment rails subject to capital-flow oversight. This affects stablecoin issuers and payment providers serving Korean users, who would face forex-style compliance alongside the incoming Digital Asset Basic Act. The open question is how the two regimes will divide jurisdiction over stablecoin issuance, transfers, and redemption without creating overlapping or conflicting requirements.